One of the paradoxes of this year’s trade tensions is that in many parts of the world, it doesn’t yet feel like a crisis.
For all the turmoil in emerging-market currencies, equity investors in major markets seem ... relaxed? The milestone passed with little fanfare, but the S&P 500 index closed at a record high of 2,914.04 on Aug. 29. The day before, India’s Nifty 50 did the same. Other indexes in developed markets are only moderately below their January peaks.